How to find the best over-the-counter hearing aids for you

Broadcast Retirement Network’s Jeffrey Snyder discusses how consumers can select the best over-the-counter hearing aids with Akoio’s Bill Schiffmiller, MPS.

Jeffrey Snyder, Broadcast Retirement Network

Joining me now is Bill Schiffmiller of Akoio. Bill, it’s so great to see you. Thanks so much for joining us this morning.

Bill Schiffmiller, MPS, Akoio

It’s nice to join you again, Jeff.

Jeffrey Snyder, Broadcast Retirement Network

Yeah. And you are heavily involved in the, I would say, hearing technology world. And so I wanted to come to you because there are so many platforms now available, so many products and tools available over the counter as a result of an FDA ruling that I think it’s hard for consumers to kind of figure out where to go, how to select them.

So let me get your first impression of the marketplace today. Let’s start there. What’s your impression?

Bill Schiffmiller, MPS, Akoio

Well, right now, I think it’s great that the FDA offered their approval on over-the-counter hearing aids. It’s a long time coming. Part of the challenge to that is when you look at hearing loss, we always look at prescriptive hearing aids.

And that is for the very few, if you look at the market. So let’s take 100%. 20% of those who need truly hearing aids, prescriptive hearing aids, they would go to the audiologist and get those expensive options, which is appropriate for them.

With OTC, now we’re looking at the other 80%, and that is those with mild to moderate loss. The challenge with that market is the awareness piece. Are you getting folks aware of their hearing?

And what is their hearing profile? If you don’t have that kind of information, how do I know where to go and which product to choose when it comes to over-the-counter hearing aids? Now, there are many players in that space.

You’re seeing advertisement on television. You see promotions via online. But how do I know I’m getting the right one?

The way I look at hearing aids and OTC as well is it’s like choosing a car. Where do I go to get the right kind of car that’s going to be right for me? Is it performance?

Is it comfort? Is it the price point? There are so many factors that need to be taken into account.

With that being said, I always like to go, hey, where can you go to try products and get a profile and then allow you to try it for 30 days and you can bring it back if needed? So there are two players in that space. That does it for me.

I think they can afford to address this market. And that’s Apple. And then there’s a company called Nuance Audio with their hearing glasses, which is part of Essilor Lasotica.

And Essilor Lasotica, for our viewers, is the don. They’re the large eye-framing company. But what’s great about Essilor Lasotica is not only do they have these eye-framing brands, but they also have retail brands like Lenscraper and ProVision.

And then you also have Apple. While we all know their products, we know that they have retail presence. So you can start by going into a retail store and say, hey, I want to try on the product that you’re offering when it comes to hearing.

So once again, you have Essilor with their Nuance Audio hearing glasses. And then you have Apple with their Apple AirPod Pro 2, as well as Apple AirPod Pro 3. And both of these products by these companies are FBA-approved OTCs.

Jeffrey Snyder, Broadcast Retirement Network

So to follow up on that, Bill, I mean, the thesis that you have is that there are a lot of offerings out there, but you got to have a presence in order to do the education around it to make sure that people understand not only what they’re buying, but also how to deploy it. Because you just mentioned two very big brands. They both have that.

Am I understanding that correctly from your perspective?

Bill Schiffmiller, MPS, Akoio

That is correct. Not only do you have salespeople on the floor to work with you and set the right expectations, but they’re going to be a lot of questions. But they also have testing features built in to say, hey, we want to start you on the right foot and go, hey, is this the right product for you?

So what they both have are the ability to do hearing tests and then determine, okay, your range is XYZ. These products will be appropriate for you. However, if it’s not, we recommend that you go and see an audiologist.

So that, I think, is responsible. It’s smart. And you’re setting folks in the right direction.

And what a great way to get them aware of, oh, well, what is my hearing profile? What does that really all mean?

Jeffrey Snyder, Broadcast Retirement Network

Yeah, I’m sorry to interrupt you. I was going to say, I like that, you know, it’s not about just selling the product and moving on and buying. Because I think there are a lot of people out there, Bill, that do not kind of under or maybe they don’t even recognize that they have hearing loss or they’re afraid to do something about their hearing loss because there used to be a stigma around, hey, I’m an old guy now and I can’t hear.

But that stigma has really dissipated. So people should feel pretty comfortable going to these brands and trying to figure out a solution because it’s really uncomfortable to not be able to hear certain parts of a conversation.

Bill Schiffmiller, MPS, Akoio

And also, Jeff, what’s cool about this is when it comes to auditory matters, we’re not talking about hearing loss so much. We’re not talking about granddad’s hearing aid anymore. Now it’s a question of what is my auditory world like?

Noise. Auditory fatigue. If I can hear well, I’m just stressed.

I’m having some issues associated with noise. And what’s great about those products that I mentioned is they have added features in there that can help deal with noise and stress. And we hear about noise cancellation and features like that.

That is a wonderful way to get people to realize, I don’t know why, but I feel better when I use these products. And when you do that, that is a great entry point. So one day, if they need a prescriptive hearing aid, because we do lose some hearing over time, they will be open and more receptive to a prescriptive hearing aid the way we know it today.

And go, you know what? I benefited from these OTC over the years, but now that I’m older, my needs have changed. I am more open, more knowledgeable of what’s out there to help me.

Jeffrey Snyder, Broadcast Retirement Network

Yeah. Very well said, Bill. Bill, we’re going to have to leave it there.

It’s always great to see you. Thanks for sharing your insight into the marketplace. And we look forward to having you back on the program again very soon, sir.

Bill Schiffmiller, MPS, Akoio

Thank you, Jeff. Good to be with you.

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